Tseelham has a small sewing shop. In 2004, she rented a small working space in the basement floor of an apartment building in the city. In Mongolia, it is common for apartment owners to rent out basement space for commercial use and it is usually the cheapest working space available. She sewed various clothes for children, using a manual sewing machine. After lots of hard work she has expanded the business by purchasing two automatic sewing machines. Her business capital has increased from 150,000 MNT ($1 USD=1500 MNT) to 1,800,000 MNT.
She requests a loan to purchase more raw materials for sewing traditional costumes. In April and May, there will be graduation ceremonies for colleges and universities. In Mongolia, it is a tradition for girls to wear traditional costumes during their graduation ceremonies, which causes demand for traditional costumes to spike. In the future, she would like to have her own work space, from which she could run her business more efficiently and comfortably.
About XacBankThis loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.
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Success!! The loan was 100% repaid